"Why CFOs Should Change their Budgeting & Forecasting Process?"

From the use of obsolete data, wasting crucial time and much-needed capital to shedding your reliance on your IT department, there are several reasons why you must consider bringing in a change in your budgeting and forecasting process.

Maybe now is the time to stop relying on IT to fabricate financial planning and forecasting reports for you and being stalled by them for months, or it is the time to replace the antiquated business intelligence tools by a better self-service tool that propels your budgeting and forecasting approach and doesn’t hold your company back anymore.

This white paper was written for financial managers needing a better self-service tool for budgeting, planning and forecasting and those needing a spark to change current practices that are holding your company back. It imparts the useful information about how this modern financial planning software solution with advanced planning functionality has accelerated many renowned companies’ forecasting process, and the data consolidation and data preparation, availed by this budgeting tool, for them has definitely strengthened their revenue, margin and expenses model.

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What is

In financial transactions of business— the systematic recording, reporting, and analysis are termed as accounting. It is a system that is used to measure business activities, process information and help aid in making relevant business-related decisions. Usually, accounting is referred to as the ‘language of business’, hence the better the understanding of language— better are the decisions made. The basic accounting terms include terms like revenues, liabilities, assets, expenses, balance sheet

Accounts Payable involves the payments made to the supplier in a short period of time to avoid non-payment.We avail services such as electricity, the internet, and telephone for which we pay at the end of the month. It means that a customer is handed over the bill after a particular billing period. This turns out to be Accounts Payable.

Fintech stands for Financial Technology which is better understood as providing financial services by making use of software and modern technology. It was initially applied to consumer trade— financial institutions. By the end of the first decade of 21st century the term applies to any technological innovation in the financial sector.